Rules, Strategies, Payoffs, and equilibrium a Economic situations are treated as games a players payoff is the amount that the player wins or loses in a particular situation In a game o a players has a dominant strategy if that players best strategy does not depend on what other players do.9-8 Rules, Strategies, Payoffs, and Equilibrium ƒ Economic situations are treated as games. Economic situations are treated as games. • A player's A player's payoff is the amount that the is the amount that the player wins or loses in a particular situation player wins or loses in a particular situation in a game. in a game. • A players has a A players has a dominant strategy dominant strategy if that if that player's best strategy does not depend on player's best strategy does not depend on what other players do. what other players do